Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)Board NoticesAmendment on Qualifications, Experience and Criteria for the Approval as a Compliance Officer, 2015Part I1. Definitions |
In this Schedule "the Act" means the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), any word or expression to which a meaning has been assigned in the Act, read with the definition of "this Act" in section 1(1) of the Act, shall have that meaning and, unless the context otherwise indicates—
means the natural person applying to the Registrar for approval as a compliance officer, including the natural person appointed by the compliance practice to render compliance services in respect of a particular provider;
means form 6 and 12 of the Application by Financial Services Providers for Authorisation by the Financial Sector Conduct Authority, FSCA FAIS Notice 1 of 2018;
[Definition substituted section 2(a) of Notice 2815, GG47632, dated 2 December 2022]
means—
| (i) | a natural person appointed to render compliance services, including a natural person appointed by a compliance practice; or |
| (ii) | a compliance practice appointed to render compliance services, |
and approved, on application, by the Registrar for such purpose;
means a company, close corporation or partnership that appoints one or more natural persons to render compliance services in respect of a particular provider and such natural persons are approved by the Registrar for that purpose as compliance officers;
means the performance by a compliance officer of functions contemplated in section 17 of the Act;
means a process of ongoing learning and development, with the aim to enable the compliance officer to maintain the required competencies to render compliance services competently;
[Definition deleted by section 2(b) of Notice 2815, GG47632, dated 2 December 2022]
means a compliance officer other than an internal compliance officer and includes a compliance practice;
means the Determination of Fit and Proper Requirements for Financial Services Providers, 2017, published by Board Notice 194 of 2017 in Government Gazette No. 41321 on 15 December 2017;
[Definition substituted by section 2(c) of Notice 2815, GG47632, dated 2 December 2022]
means a qualification recognised by the Registrar that addresses knowledge, skills and competence that are broadly applicable to the rendering of compliance services;
means a compliance officer that is a natural person in the permanent employ of a financial services provider and that renders compliance services in respect of that particular provider or another financial services provider that is a subsidiary, holding company or subsidiary of the holding company, of the first-mentioned provider;
means the qualifications recognised by the Registrar as either generic recognised compliance qualifications or specific recognised compliance qualifications and published by notice in the Gazette as part of Annexure 2;
means the approval by the Registrar of, inter alia, an applicant's qualifications, experience and personal character qualities of honesty and integrity;
means the approval granted by the Registrar to an applicant to render compliance services to a specific provider;
means the qualifying criteria in Annexure 1;
in relation to an applicant seeking approval to render compliance services in respect of—
| (a) | a Category I or IV FSP, means the RE 1 regulatory examination developed in terms of the criteria set out in Table 1 of Annexure Five of the Fit and Proper Requirements; |
| (b) | Category II or IIA FSP, means the— |
| (i) | RE 1 regulatory examination developed in terms of the criteria set out in Table 1 of Annexure Five of the Fit and Proper Requirements; and |
| (ii) | RE 3 regulatory examination developed in terms of the criteria set out in Table 2 of Annexure Five of the Fit and Proper Requirements; |
| (c) | Category III FSP, means the— |
| (i) | RE 1 regulatory examination developed in terms of the criteria set out in Table 1 of Annexure Five of the Fit and Proper Requirements; and |
| (ii) | RE 4 regulatory examination developed in terms of the criteria set out in Table 3 of Annexure Five of the Fit and Proper Requirements |
[Definition substituted by section 2(d) of Notice 2815, GG47632, dated 2 December 2022]
means a qualification recognised by the Registrar that addresses specific and/or specialized knowledge, skills, and competence applicable to the compliance function.